GTA industrial posts record low availability rates, benchmark highs in new supply, absorption, and rental rates in the second quarter of 2021.
- Availability rates are at their lowest percentage historically, currently standing at 0.97%. The average asking net rent increased by 7.5% quarter-over-quarter currently standing at $11.33.
- Net absorption of 5.4 million square feet and new supply of 4.9 million square feet this quarter are the largest quarterly totals since Q4 2005.
- Artis REIT has sold their entire GTA industrial portfolio to Pure Industrial for $750 million. The portfolio includes 28 assets totalling 2.5 million square feet.